It seems like some people are confused about this issue. Colord does not store its configuration in the SQLite db; it stores it in /etc/colord.conf. The db does not store the actual ICC files either; those are in the profile directories mentioned in the article.
The SQLite db stores the *mappings* between devices and the various profiles assigned to them (including the fallback ones). By storing them in a database, the daemon can perform real queries on the various properties of said mappings, in addition to just a trivial (and static) DeviceX:ProfileY.